Discuss about the Marketing and Human Resource Managers.
The objective of this report is to discuss the market opportunity for a new product in the Australian market. The chosen product for this report is ‘wine preserver’. It is a new and innovative product that would enable the consumers to preserve their wine for days. This industry for wine preservation is still in nascent stage and there are not much of competitors in the market (Berthon & Pitt, 2015). It would be correct to say that the business has realized the correct problem of ‘wine preservation’. The wine consumption is high in the country. However, one of the challenges that people have felt is the need of wine preservation.
According to the Australian Bureau of Statistics, beer consumption has declined from 75% of all alcohol consumed in the 1960s to just 41% today, while in the same period wine has grown its share from 12% to 38% (Berthon & Pitt, 2015). It is expected that the wine consumption would continue to increase the same growth rate. Today, customers want a product that could be used to preserve the wine once the bottle is opened. This product, ‘wine preserver’ will address the needs of families where different people can have different preferences of wine. For example, there are times when husband wants to drink white wine and wife wants to drink red wine, but ultimately they have to compromise as they cannot preserve the wine. The competition is limited in the market. There are some local players that have local solution to wine preservation (Bhattacharjee & Berger, 2014). However, this product is a simple solution to the problem. This report will discuss the business idea, marketing needs, SWOT and market analysis for wine preserver.
The SWOT analysis is a powerful tool to analyse the internal and the external parameters. The strengths and weaknesses are internal for any organization and within industry different organizations can have different strengths and weaknesses. However, opportunities and threats are external in nature and generally opportunities and threats exist at industry level and not at organization level. The SWOT matrix for this product, ‘wine preserver’ can be discussed as:
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STRENGTHS o The unique idea and the unique way of wine preservation o The product is simple and does not need and external equipment like gas, etc. o The product is very reasonably priced |
WEAKNESSES o There is not legacy or much experience available of this product o The limitation to reach the scale with this product o Limited marketing of the product, ‘wine preserver’ |
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THREATS o The threat from large players who can enter the market and disrupt the dynamics o Threat from substitute products that can also do wine preservation |
OPPORTUNITIES o The large and highly untapped Australian market o Increasing wine consumption in the country o Opportunity to use e commerce segment to sell the product |
By definition, “The marketing concept is the philosophy that firms should analyse the needs of their customers and then make decisions to satisfy those needs, better than the competition. Today most firms have adopted the marketing concept, but this has not always been the case (Bhattacharjee & Berger, 2014).” In terms of this definition, it can be said that wine preserver has effectively used the concept of marketing.
The product, ‘wine preserver’ is based on the underlying needs of patients. The solution has the ability to satisfy the needs of consumers. Once the marketing concept is established, the next step is to design the marketing objectives. The marketing objectives for this product could be to increase the market share by 15% or to increase the customers’ share of mind. It is important that marketing goals and objectives should adhere to the SMART framework. It means that marketing goals should be specific, measurable, attainable, relevant and team bound in nature. The marketing goal for wine preserver as per the SMART framework can be discussed as:
It is important to mention that the introduction of any new product in the market would need a thorough market research. By definition, “marketing research process is a set of five steps which defines the tasks to be accomplished in conducting a marketing research study. These include problem definition, developing an approach to problem, research design formulation, field work, data preparation and analysis, and report generation and presentation (Lewis & Siu, 2015).” These six steps for the launch of wine preserver can be discussed as:
Step 1: Problem Identification: The identified problem in this case is that people are not able to preserve their wine
Step 2: develop and approach to solve the problem: The approach to solve the problem includes development of a product that can preserve the wine for days and weeks
Step 3: Research design: The research design includes analysis of quantitative and qualitative data. An online questionnaire would be used to analyse the data collected from sample population. The test market could be used to analyse the market and the acceptability of the product
Step 4: Data collection & analysis: The data shall be collected from various sources. The quantitative data should be collected from primary sources and qualitative data should be collected from secondary sources.
Step 5: Report generation: When the market research is done, the next step is report generation that lists down the key points of the study. It would enable the organization to take make quick decision about the launch of new product.
The marketing mix consists of four key elements, product, price, place and promotion. The extended marketing mix and three more elements of people, physical evidence and process. It is important that organizations must focus on all the elements of marketing mix (Huang & Sarigollu, 2014). It is also important that the marketing strategies of organizations should resonate well with the existing marketing mix of the organization. The extended marketing mix for wine preserver can be discussed as:
Product: The product is the most important element of the marketing mix. The product provides key competency to organizations. It is important that the product should be unique in nature. In this case, the product is wine preserver.
Price: The price is another key element of marketing mix. There are some products for which consumers are willing to pay the premium price for the products. However, there are some products for which price could be game changer (Rocker & Homburg, 2016). It is important that price should be effectively based on segmentation, targeting and positioning.
Place: The place means the platform where users can actually make the purchase. In recent times, there has been an increase in the online channel of purchase. The products like wine preserver can easily be sold online (Vargo & Lusch, 2014). The organization make the use of various websites like Amazon to sell the product.
Promotion: There are various offline and online way of promotion. It is important that the organizations must use the online promotional methods like social media to reach out to consumers. The wine preserver product should be marketed heavily on social media platforms like Facebook and Twitter.
People: The people means the employees that exist with organization. The support of people enable organizations to achieve its goals and objectives (Cross & Belich, 2015). This product, ‘wine preserver’ has the support of some of the best product managers, graphic designers, etc.
Physical evidence: The physical evidence refers to the layout of the assembly line. For this product, much of the information is not present about the physical evidence.
Process: The success of any product would depend a lot on the underlying processes of the organization. It is critical that organizations should have strong processes in place.
Conclusion
The above paper discusses the market opportunity for wine preserver. With the above discussion, it can be said that the current market opportunity is good in Australia. The competition is limited in the market. The problem identification is done in an effective manner. People find it difficult to store the wine and this product address that problem. The above paper also discusses the various elements of marketing mix for wine preserver. It is important that all the elements of marketing mix should be worked together in an integrated manner. In this case, the product is unique and there is an opportunity for organization to charge a premium from consumers. It is also important that heavy promotion should be done on social media networks like Facebook and Twitter.
References
Bhattacharjee, A., Berger, J., & Menon, G. (2014). When identity marketing backfires: consumer agency in identity expression. Journal of Consumer Research, 41(2), 294-309.
Berthon, P., & Pitt, L. F. (2015). Marketing and Human Resource Managers: Differences in Perception and Decision-Making. In Proceedings of the 1995 Academy of Marketing Science (AMS) Annual Conference (pp. 63-63). Springer International Publishing.
Cross, J. C., Belich, T. J., & Rudelius, W. (2015). How marketing managers use market segmentation: An exploratory study. In Proceedings of the 1990 Academy of Marketing Science (AMS) Annual Conference (pp. 531-536). Springer International Publishing.
Huang, R., & Sarigollu, E. (2014). How brand awareness relates to market outcome, brand equity, and the marketing mix. In Fashion Branding and Consumer Behaviors (pp. 113-132). Springer New York.
Lewis, L. F., & Siu, W. S. (2015). Corporate Entrepreneurship and Ethical Decision-Making of Marketing Managers. In Proceedings of the 1997 World Marketing Congress (pp. 646-655). Springer International Publishing.
Rocker, L., Homburg, C., & Vomberg, A. (2016). Which Characteristics Make a Difference? Comparing Successful Managers in Marketing and Sales.
Vargo, S. L., & Lusch, R. F. (2014). Service-dominant logic. What it is not, What it.
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